（Singapore, 03.04.2026）Elon Musk’s space and technology company, SpaceX, is preparing for what could become the largest stock market debut in history, with a targeted valuation of more than $2 trillion (S$2.57 trillion), according to Bloomberg News.
If achieved, the figure would place SpaceX among the world’s most valuable companies, surpassing most firms in the S&P 500 and even overtaking tech giants such as Meta and Tesla in market value. It would also mark a dramatic leap from earlier valuations, highlighting investor enthusiasm for companies at the intersection of space technology and artificial intelligence.
A Historic Listing with Surging Valuation
SpaceX has begun early discussions with potential investors ahead of its initial public offering (IPO), which could take place as soon as June, Bloomberg News reported. These so-called “testing the waters” meetings are expected to provide more insight into how the company justifies its ambitious valuation.
The company has already filed confidential IPO paperwork in the United States, according to Bloomberg News and Reuters. If successful, the listing could raise as much as $75 billion (S$96.4 billion), far exceeding Saudi Aramco’s $29 billion (S$37.3 billion) debut in 2019, which remains the world’s largest IPO.
Major Wall Street banks, including Bank of America, Goldman Sachs, JPMorgan, Citigroup and Morgan Stanley, are said to be working on the deal.
The $2 trillion target represents a sharp increase from earlier estimates. Just months ago, SpaceX was valued at around $1.25 trillion (S$1.6 trillion) following its acquisition of Musk’s artificial intelligence startup xAI, a deal first reported by Bloomberg News.
That merger combined SpaceX’s space infrastructure with xAI’s rapidly expanding AI capabilities, including its chatbot Grok and social media platform X. The move reflects Musk’s broader strategy to integrate space technology with artificial intelligence as part of a long-term growth vision.
Funding Musk’s AI and Space Vision
Proceeds from the IPO are expected to fund some of Musk’s most ambitious projects, particularly the development of AI infrastructure in space, Reuters reported.
Among the boldest proposals is a plan to launch up to one million data-center satellites into orbit. These satellites would process AI workloads in space, using solar energy and avoiding the power and water limitations faced by Earth-based data centers.
Musk argues that such infrastructure will become essential in a future where artificial intelligence underpins everything from autonomous vehicles to robotics and global communications.
SpaceX is also working on “Terafab,” a manufacturing initiative aimed at producing chips for AI, robotics and space-based computing. The project is expected to be jointly developed with Tesla, further linking Musk’s various ventures into a broader ecosystem.
However, experts caution that the vision faces significant technical and economic challenges. Analysts cited by Reuters point to earlier efforts by Microsoft to build underwater data centers, which were ultimately abandoned despite technical success due to high costs and limited demand.
Similar challenges could arise in space, as deploying infrastructure in orbit is far more expensive than building on land, and upgrading hardware, which is critical in the fast-evolving AI industry, would be significantly more difficult. Additional concerns include cooling systems, radiation exposure, and the durability of equipment in harsh space conditions.
Strong Demand but Big Challenges Ahead
Despite these risks, investor interest in SpaceX’s IPO appears strong. The company has held discussions with Saudi Arabia’s Public Investment Fund over a potential $5 billion (S$6.42 billion) anchor investment, according to Reuters.
Anchor investors typically commit early to large IPOs, helping to build market confidence and support demand. SpaceX is also expected to allocate a portion of shares to wealthy individual investors through its underwriting banks.
The company’s strong financial performance has further boosted confidence. SpaceX generated roughly $15 billion to $16 billion (S$19.3 billion to S$20.6 billion) in revenue in 2025, with about $8 billion (S$10.3 billion) in operating profit, Reuters reported. Much of this growth has been driven by its Starlink satellite internet business, which now serves millions of users worldwide.
At the same time, SpaceX continues to dominate the global launch market, serving clients such as NASA, the U.S. Department of Defense and commercial satellite operators.
Still, Musk’s long-term ambitions depend heavily on Starship, SpaceX’s next-generation rocket designed to be fully reusable and capable of drastically lowering launch costs. The program has faced delays and technical setbacks, and analysts say achieving Musk’s vision could require thousands of launches per year, an unprecedented scale.
Experts also question whether space-based data centers can compete economically with rapidly improving Earth-based alternatives. While such systems may find niche applications, most believe they are unlikely to replace traditional infrastructure anytime soon.
Even so, SpaceX’s planned IPO is shaping up to be a defining moment, not just for the company but also for the broader technology and capital markets landscape. If successful, it could pave the way for a new wave of mega listings in AI and space, as investors increasingly look beyond Earth for the next frontier of growth.
